CARBO Ceramics, Inc. (CRR
) is the leading supplier of advanced material proppants for the oil and gas industry. After underperforming for much of the year, its shares rebounded strongly in the fourth quarter when it appeared that the problems of oversupplied markets and logistical challenges that were hurting pricing, costs, and volumes were abating. As a result, earnings estimates have stabilized and begun to improve for 2013. Investors are now beginning to look at the next phase of growth for the company in late 2013 and 2014, as it brings on new capacity. (Jamie Stone)
From Baron Funds' fourth quarter commentary.